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[Econ] S4 law of demand

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S4 law of demand

Which of the following behaviour is consistent with the law of demand?
A. A removal of unemployment allowance decreases the employed population.
B. When the government increases the financial aid to the low-income group, Mrs Chan, a recipient of the aid, works longer hours per day.
C. When the government reduces the amount of tax levied on red wine, Mr Wong, still spends $1000 on buying red wine every month.
D. An increase in the salaries tax rate will lead to an increase in the general price level.

完全唔識答牙!!!
   

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引用:
原帖由 morrison600214 於 2015-5-17 01:43 AM 發表
Which of the following behaviour is consistent with the law of demand?
A. A removal of unemployment allowance decreases the employed population.
B. When the government increases the financial aid to ...

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有無答案,系唔系C

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引用:
原帖由 morrison600214 於 2015-5-17 01:43 AM 發表
Which of the following behaviour is consistent with the law of demand?
A. A removal of unemployment allowance decreases the employed population.
B. When the government increases the financial aid to ...
Did you learn the concept of "relative price"?

Otherwise, you will not know how to answer this kind of question.

However, if you learnt the relationship between total revenue and the price elasticity of demand, even you don't understand the concept of relative price, I can also tell you why option C is the answer.

1. Law of demand: P increase, quantity demanded decrease, vice versa, holding other factors constant.

2. Tax levied on red wine => Cost of production increases => => Quantity demanded decreases => if the price elasticity of demand is unitarily elastic i.e. PED = 1 =>  Total expenditure will remains unchanged ($1000) but the price increases and quantity demanded decreases. For example, $5 x 200Q = $1000   , $10 x 100Q = $1000.

3. Remember, don't mix up total revenue and quantity demanded.

4. If you want to learn the concept of relative price, you can refer to 2015 HKDSE Economics Paper 1 M.C. question 18 and my suggested solutions here: http://lsforum.net/board/thread-259187-1-1.html
我係黎sir, 香港中學文憑試數學, 物理及經濟奪取5**, 16年補習經驗
導師簡介:按此進入

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明白。謝謝

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